Fisher TWO Cash Enhanced

A third of this $316 million fund sits in cash and current accounts, with another 5.4 per cent parked at ANZ alone. That is not a conservative fund hedging its bets. It is a deliberate tilt towards liquidity in a portfolio otherwise anchored by New Zealand and international government bonds. The fee is 0.52 per cent, with no performance or other charges layered on top. Growth assets account for just 17 per cent of the mix, split across Australasian and international shares, keeping this firmly in defensive territory.

The bond holdings tell the real story. New Zealand government bonds dominate the fixed interest sleeve, with maturities stretching out to 2037. The Local Government Funding Agency appears three times in the top ten, alongside floating rate notes from BNZ and Westpac. International bonds make up nearly a quarter of the fund, led by a US Treasury note maturing in 2030. One-year returns came in at 4.9 per cent, with the three-year annualised figure at 7.5 per cent. The five-year return was 3.1 per cent. This is a low-growth structure built around income and capital preservation, not equity exposure.

General information only, not financial advice. Past performance is not a reliable indicator of future results.